Just about everyone of us has a financial emergency at some point in life that needs to be addressed immediately. Whether it be a medical emergency, unexpected bill, or any urgent need, such a financial crisis has to be resolved as soon as possible. But what if you don’t have cash on hand, and none of your family or friends can lend you some money? This is the time when San Diego car title loans┬ácan come in handy.

Car title loans

Car or auto title loans are quite useful especially when your credit history is not so good. It would almost be impossible for you to gain access to loans from a traditional bank or lending company. You may be able to get quick payday loans, but keep in mind that such financial products may be limited particularly when it comes to the loan amount. What if you need more cash than what a payday loan can give you? Again, this is when you need to consider taking out a car title loan which is considered as the easiest and fastest way to get the extra cash.

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As the name suggests, car title loans involve a vehicle, one that is under your name and, as much as possible, has already been paid off. It is worth noting though that the financial institution is not going to get your automobile when they approve your application. They will only do so if you are unable to pay off your obligation after a certain period of time. You just need to present the title to your vehicle upon submission of your application so they can determine the loanable amount.

The benefits

There are so many benefits that you can get from car title loans in San Diego. Look at the following;

Convenience

Unlike the traditional loans, this financial product is easy to access as long as you have your own vehicle and it is almost paid off or is already fully paid. You can just go online and check out the different companies that are offering this loan, look at the terms and conditions, and contact them. After which, you can already have the money that you need.

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Speedy process

Among the biggest benefits of applying for an auto title loan is the fast processing. Provided that you have the necessary paperwork, most importantly, your automobile’s title, you can get the cash in an hour!

No credit check

Another advantage of car title loans is that there is no credit check. You can still avail it even if you have bad credit.

Having bad credit does not mean that you cannot purchase a vehicle neither does it mean that you are not legible for a credit. If the credit score is at the borderline, some lenders may see additional risk while others may still opt to see some good prospect. The truth of the matter is that there are numerous financial products for individuals with bad credit, all that is required of you is to know exactly where to look.

Steps to get an auto loan with bad credit

The following are some steps to be adhered to by those who have bad credit:

Never assume the worst

It is always advisable to personally check your credit score and credit report, never be ready to believe what others say as gospel truth.

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Aim high

It should be noted that auto loans involve less money payable over a shorter period of time. It should also come to your realization that vehicles are far much easier to repossess compared to houses. A similar credit score that might have unfortunately landed you in a subprime mortgage loan has the potential of getting you a prime auto credit.

Shop around

Lenders have varied views, and some may see you in a more positive light in comparison to others.

Begin close to home

Despite the fact that you think you are unable to obtain a credit, still make an effort to visit your credit union and bank first. You might just be lucky enough to receive auto financing in one of the two.

Check out lenders

It is advisable to try and locate who are known to offer individuals with car loans. This might comprise of regional banks, local banks, and even national banks. Nowadays, there are even online lenders.

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Go with some companies

You could request family or friends to go with you. This is so that they can role play. For instance, they can act critical, dubious or even unimpressed by the terms.

Shop for the terms and not monthly payments

Seek the least annual percentage rate that is payable over a short period. If you realize that the only way you can service the credit is by taking a long-term loan, there is a high likelihood that it is expensive for you too.

Apart from the above, there are other things to consider, such as looking out for add-ons such as after-market services. Another factor to be cautious about is the yo-yo. This is achieved by ensuring that all terms are final and not conditional.

Getting your spanking new vehicle at the best price is half the battle; now, once you’ve decided what your ride is, you’ll have to secure the best loan to close the deal on a winning note. For this purpose, here are some of the best steps on how to get the best deal;

Shop individually and not with the car

While you start negotiating on a vehicle’s exact price, it’s beneficial to start the application process as well. This can be initiated with banks, credit unions, auto insurance company and online lenders. The online lenders are considered to be the finest source of getting cheap auto loans elsewhere because small-sized banks can be a bit competitive.

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With online lenders, you can even get pre-qualification for auto credits; and this will let you go to your dealer with a blank check. Now, once you’ve got the car’s papers signed (with your preferred price), only then you can ask whether or not the dealer can beat your existing deal.

Limit your loan shopping

Every time you’ll apply for credits – approved or used- your credit score will go down. And whenever your credit score goes down, it’ll become tedious for you to get the best deals. However, if you’ll get all your applications cleared within a short period, the authorities will count the process as only one inquiry.

Know your credit history really well

The credit history is used (or rather analyzed) by prospective lenders. So you too have to be aware as to how well your credit history is. There are a number of agencies that’ll provide you your free credit copies; however, if you wish to know your exact score, you’ll have to pay these agencies a small fee or some charges that may be applicable.

Don’t assume that the rate offered the first time is the best

ghdhgd64You’ll have to visit a couple of lenders and ask them which rate they are offering the loan on. And once you’ve got the top rates, you’ll then have to search for a better rate (from the ones you already have). However, you shouldn’t assume that the rate offered by the first lender is the best one. So, try as much as you can to compare the lenders. In fact, there should be more than five lenders. After that, make your own choice.